New Zealand is set to follow in the footsteps
of other major markets as it plans to commence a review into cheque
usage later this year in a bid to manage its decline.
Payments NZ (PNZ), which took over
responsibility for the industry rules and standards – previously
the domain of the New Zealand Bankers’ Association, is currently
considering a proposal to undertake an initial study, which if
approved, will aim to understand how cheques are used in the
country.
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The initial study will involve gathering data
and consulting with the public and other stakeholders to identify
their views.
“It is time to undertake an orderly review of cheques in this
country to determine the best way to manage the decline and ensure
our payments system continues to be efficient and meet the needs of
users,” said PNZ’s CEO Steve Nichols.
“PNZ is therefore considering a process to seek industry, public
and interest group views on the place of cheques in New Zealand,
before making any decisions about the future of cheques.”
According to the PNZ, paper-based payment instruments usage in
New Zealand – namely cheques – has been declining at an annual
average rate of 9% over the last 8 years.
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